financing question

Discussion in 'OT Driven' started by dangerflammable, Aug 4, 2006.

  1. dangerflammable

    dangerflammable New Member

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    so i just bought my bike from kawi and i realized i never figured out...

    does the amount i owe monthly come to me in a statement like a credit card?

    sorry, i've NEVER financed anything and this is the first thing this big i've bought (im 19).

    thanks!
     
  2. trez157

    trez157 You can't trust freedom when it's not in your hand

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    Never done a bike, but on 2 cars Ive done, they will either send you a coupon book which you mail back each month, 1 at a time, or, they will send you a statement, like a cc.
     
  3. YodaHart

    YodaHart New Member

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    For mine it was 6.9 or 7.9% for 2 years. The minimum payment is $99/month for a $11k loan. This is obviously not how much I pay. I want the bike paid off in 2 years, so I pay $600/month. They should send you a monthly statement telling you how much you owe. Pay as much as you can or the interest will keep adding up!
     
  4. dangerflammable

    dangerflammable New Member

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    thanks for the responses. i know its really dumb of me to not have found this out earlier but all i saw was: BIIIIKKKKKKEEEEEEEEE...
     
  5. ChatChai

    ChatChai OT Supporter

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    you mean you bought the bike using the kawi card or are you referring to just financing? The kawi card is like a credit card and if you got the special interest rates they offered then yes it will have a minimum to pay each month but you will be barely paying off the interest depending on price of course. Do what most people intend to do and pay as much as you can every month or pay it off before the special interest ends. Otherwise if you got a loan through a bank then regular payment throughout is ok.
     
  6. 7960

    7960 New Member

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    :werd:

    if you got a special interest rate for some amount of time (2 years?) then at the end of that time you're going to get charged a higher amount and it's probably going to be retroactive back to when you bought the bike. So basically if you don't pay it off before the time is up, they're going to add on a shitload of interest.
     
  7. amill94

    amill94 OT Supporter

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    My friend just bought his first bike, a Kawasaki ZZR600. He used the card for financing. I guess he was paying $69 or $70 a month, and after he got his first statement he found out only $15 of the $70 was going towards the principal, and the other $55 was going toward interest. He ended up getting a loan at the bank since it's cheaper in the long run.
     
  8. 7960

    7960 New Member

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    I doubt it's going to be much cheaper. Use this site, put in the amount, years, and interest rate, click the "show/recalculate amortization table" button and see exactly how much is going to interest and how much is going to principle. I bet their not much different unless he got a better rate at the bank.

    http://www.bankrate.com/brm/amortization-calculator.asp
     

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